Vietnam, Nigeria to boost trade ties

During his address at the event, Ambassador Tuan said Vietnam has one of the highest economic growth rates in Asia, with figures such as its GDP reaching 6.81% in 2017. Before 1986 Vietnam was an underdeveloped country and had to import 1 million tons of rice annually. Now it has become the world’s third largest exporter of rice with an export volume of 5.8 million tons last year.

Mr Tuan expressed his hope that the exchange of useful information between businesses from the two countries would help foster trade and investment and enhance economic growth of both countries.

Arc T. C. Awagu, vice president of the Nigerian Association of Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA), said the forum presented a good opportunity for businesses to exchange knowledge about economics and trade between the two countries and directly explore current and future import-export demands.

Nigeria has also been paying close attention to the Vietnamese market, said A.M. Babubakar from the Nigerian Federal Ministry of Industry, Trade & Investment, adding that the forecast of Nigeria becoming the world’s third most populous nation by 2050, is a huge potential opportunity for Vietnamese businesses.

Hoang Tuan Viet, Vietnamese trade counsellor, introduced attendees to trade and investment opportunities in Vietnam and the country’s key products such as seafood, garments, bikes, motorbikes, and agricultural products and machinery.

Vietnam has exported 52 key products to Nigeria while importing two main products - wood and cashew nut raw material products - from the African country.